Solution-Compute net income for 2012

Compute net income for 2012

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Reference no: EM13496436

Presented below are selected ledger accounts of McGraw Corporation as of December 31, 2012.

	Cash	$50,000
	Administrative expenses	100,000
	Selling expenses	80,000
	Net sales	540,000
	Cost of goods sold	260,000
	Cash dividends declared (2012)	20,000
	Cash dividends paid (2012)	15,000
	Discontinued operations (loss before income taxes)	40,000
	Depreciation expense, not recorded in 2011	30,000
	Retained earnings, December 31, 2011	90,000
	Effective tax rate 30%

Compute net income for 2012. (List multiple entries from largest to smallest amount, e.g. 10, 5, 2. Enter all amounts as positive amounts and subtract where necessary.)

Presented below are selected ledger accounts of McGraw Corporation as of December 31, 2012.

	Cash	$50,000
	Administrative expenses	100,000
	Selling expenses	80,000
	Net sales	540,000
	Cost of goods sold	260,000
	Cash dividends declared (2012)	20,000
	Cash dividends paid (2012)	15,000
	Discontinued operations (loss before income taxes)	40,000
	Depreciation expense, not recorded in 2011	30,000
	Retained earnings, December 31, 2011	90,000
	Effective tax rate 30%

Compute net income for 2012. (List multiple entries from largest to smallest amount, e.g. 10, 5, 2. Enter all amounts as positive amounts and subtract where necessary.)

Reference no: EM13496436

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Compute net income for 2012

Reference no: EM13496436

Reference no: EM13496436

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